According to the coal market trends worldwide from the International Energy Agency (IEA), global coal demand is expected to remain broadly stable in 2024 and 2025. The IEA's market and safety director said global coal demand remains stable based on the current policy environment and market trends. However, the deployment of solar and wind energy and the resurgence of hydropower in China has put tremendous pressure on coal use.

On the supply side, China's coal production will slow down after two years of significant growth, while India's coal production is expected to increase by about 10% in 2024. Although EU countries' imports have plummeted since 2017 and Northeast Asia (Japan, South Korea, and Taiwan) have declined, global coal trade volumes remain high. Vietnam is expected to become the fifth-largest coal importer by 2024.